All 35 employees at James Penman Plant Hire in Kirkcaldy have been made redundant after the company went into liquidation.
Callum Carmichael and Michelle Elliot of business advisory firm FRP Advisory were appointed joint provisional liquidators after the firm’s collapse.
Difficulties paying its “financial obligations” brought about during the pandemic and worsened by the cost-of-living crisis have been blamed for the company’s demise.
James and Wendy Penman and Jane Downie are no longer listed as directors of the company.
The company was due to celebrate its 50th anniversary this year.
All 35 staff have been made redundant.
The liquidators said they are helping them with applications to the redundancy payments service.
‘Financial obligations’
James Penman Plant Hire was registered at at Lea Rig, Tyrie Farm, near Kirkcaldy.
It operated from Merchant Place, Kirkcaldy.
Established in 1974 by James’ father, the company specialised in groundworks construction services and plant hire.
It worked with a wide range of public and private sector organisations including Fife Council.
The latest accounts for the company, which were submitted in June 2023 and run only up to September 2022, showed the firm had plant and machinery valued at £3.5 million.
Papers also show the firm had net assets of £1.5m in September 2022.
Because of its size, the firm was not required to publish a statement of income and earnings at Companies House.
FRP partner Callum Carmichael said: “James Penman struggled to maintain its financial obligations which stemmed from the pandemic and, regrettably, has entered liquidation.
“Our job now is to focus on supporting all staff that have been impacted with their applications to the redundancy payments service as we wind down the remaining business.”
James Penman has been contacted for comment.
Targeted for fuel theft
In 2022 the firm was targeted by fuel thieves, following a number of break-ins at its Kirkcaldy site.
The incident was captured on CCTV, and is estimated to have cost the firm around £1,000 per vehicle.
Two criminals used large steel fuel containers to collect syphoned diesel from the site.
